BNB price began its recovery from the $585 support zone. Bulls need to clear the $600 resistance area to push the price into positive territory in the near term.
- BNB price extended losses and tested the $585 support area.
- The price is currently trading below $600 and the 100-hour simple moving average.
- On the hourly chart of the BNB/USD pair (Binance data source), a breakout occurred above the main bearish trendline at the resistance level of $595.
- If it stays above the $585 support, the pair could start a fresh increase.
BNB price maintains support
After a significant rally, BNB price struggled near the $615 resistance. As a result, like Ethereum and Bitcoin, a bearish reaction occurred below the $600 support line.
The price fell below the $595 support line and the 100 simple moving average (4-hours) line. It traded as low as $586 and recently began a recovery. There was a move above the $595 resistance zone and a downward move from the $613 swing high to the $586 low and the 23.6% Fib retracement level.
On the hourly chart of the BNB/USD pair, there has been a break above the main bearish trend line at $595, which is the resistance level. However, bears have been active near the $600 level or the 50% Fib retracement level moving down from the $613 swing high to the $586 low.
The price is currently trading below $600 and the 100-hour simple moving average. Immediate resistance is near the $600 level. The next resistance is near the $602 level.
The price could go higher if it clearly breaks through the $602 area. As stated, the BNB price could test $615. A break above the $615 resistance could set up a larger upward pace towards the $620 resistance. Any further gains may require a test of the $632 level in the coming days.
Are there more losses?
If BNB fails to clear the $600 resistance, it may continue to fall. Initial support for the downside is near the $592 level and trendline.
The next major support is near the $585 level. The main support level is $572. A downward breakout below the $572 support could push the price towards the $560 support. Any more losses could trigger a further decline towards the $550 level.
technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $585 and $572.
Key resistance levels – $600 and $602.